US oil giant ExxonMobil and Russia’s Rosneft will continue joint exploitation of the Russian Arctic despite Western sanctions, the American company said as the two giants launched exploration drilling in the Kara Sea.

"Our cooperation is a long-term one. We see great benefits
here and are ready to continue working here with your
agreement,” Glenn Waller, ExxonMobil's lead manager in
Russia, told President Vladimir Putin during a videoconference
call.

The Russian leader hailed the exploration project as an example
of mutually beneficial cooperation that strengthens global energy
security.

Rosneft head Igor Sechin said the launch of the
Universitetskaya-1 well drill is one of the most important events
for the company this year.

“We hope that this work will discover a new oil reserve here
in the Kara Sea. The development of the Arctic shelf would have a
big and positive effect for the Russian economy,” he said.

Sechin compared the resource base of the project to that of Saudi
Arabia.

"This project will give Russia a new perspective and will
ensure energy security for the whole world. Comparing this
project with others in the world from the resource stand point,
we can confidently say that it is comparable with the largest
resources, such as in Saudi Arabia, and significantly exceeds the
capabilities of offshore supply in the Gulf of Mexico, Alaska and
Canada," he told reporters on Saturday.

Sechin added that he is confident in the project. "At the
moment there is no project that is implemented at such latitudes,
but at the same time, we are confident in our success, we have
good partners,” he said.

ExxonMobil Russia chief Glen Waller confirmed the strong
partnership between the companies. “Ours is a long-term
partnership and we see great prospects here, we are ready to
continue our work,” he said.

Optimistic company forecasts put oil reserves in the Kara Sea as
high as 13 billion tons, more than in the Gulf of Mexico, or the
whole of Saudi Arabia.

The drilling is being done by the West Alpha oilrig, built by
Norway’s North Atlantic Drilling. It has a deadweight of 30,700
tons and can drill wells in the shelf up to 7 km deep.

The rig was equipped with an advanced iceberg warning system,
which tracks potentially dangerous icebergs, giving enough time
for either support ships to tow them away, or for the rig itself
to seal off the well and evacuate to safety.

Rosneft is one of the Russian companies targeted by Western
nations, imposed to punish Moscow for its stance over the
Ukrainian crisis. Russia’s retaliation so far has been to ban the
import of foodstuffs from the countries that approved
anti-Russian sanctions.